Gold Trend 05/07 (Review daily)

٥ يوليو ٢٠٢١

Gold climbed further last Friday but rejected by 1790 again. The price was trading between 1775-80 during the Asian session until it broke the resistance at 1780(1) last Friday. The price has reached our target. the top of the downtrend channel(2), before the US session. The market ended at 1787, up by USD11.

On the 1-hr chart, gold has escaped the downtrend channel(2) from last week. While the price is running on a steep S-T uptrend channel(3) and facing the key resistance at 1790, wait for the next move after it breaks the triangle pattern(5).



The M-T rebound has developed further as the price closed in Zone(6) above 1782 for the first time since June 17th. Rebound will only continue if the price breaks the key resistance remains at the 100 days MA(7) for now.

S-T Resistances:
1790
179
1790

Market price: 1787

S-T Supports:
1780
1772-73
1768

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٦ يوليو ٢٠٢١

ملاحظة

The gold market was relatively quiet yesterday with the US had the Monday off. The price was trading below 1790 early in the Asian session. Once the gold price broke the resistance at 1790(1), the range has moved up to 1790-95 for the remainder of the day. The market ended at 1791, up slightly by USD4.

Gold has already crossed yesterday's high of 1794(2) in the Asian session today. Currently, it is testing the resistance at 1800; if it breaks 1800, the next target will be near 1805-10; on the other hand, if the price escapes the S-T uptrend channel(3), the support will be near 1787-90 to the downside.



As mentioned before, it is a sign of bull as the price closed above 1782 the day before. The price finally broke the 100 days MA(4) this morning, the upcoming resistance will be the 20 days Ma(5) for now.



The break of 1800 will be the key move to realize the medium/long-term trend(6).

S-T Resistance:
1810
1805
1800

Market price: 1798

S-T Supports:
1794-5
1790
1787

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٧ يوليو ٢٠٢١

ملاحظة

Gold pulled back from a 2-weeks high yesterday. The price has begun its climb from 1791 since the Asian session. It peaked at 1815 at the US session opening and thereafter started to go south. The day ended at 1796, up by USD5.

Overall, the price has traded within the uptrend channel(1) throughout yesterday on the 1-hr chart. While it has escaped the uptrend channel(2), the uptrend that originated from June 30 is now officially over. Expect the price to trade in the 1790-1815(3) range for now.



The uptrend on the daily chart is getting weak at the moment. The pullback before the day's end has created an over USD20 upper shadow(4). Unless the gold price is able to close above 1800 in the next 24 hours, otherwise selling many begin in the next few days. The 20 days MA (5) remains a strong resistance; meanwhile, if the price breaks the support at the 5 days and 100 days MA(6), expect the price to consolidate further down.



As mentioned yesterday, the price needs to close above 1800 to further confirm the M/L term uptrend(8). The break of 1800 is yet to happen.

S-T Resistances:
1810
1805
1800

Market price: 1798

S-T Supports:
1794-5
1790
1787

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٨ يوليو ٢٠٢١

ملاحظة

Gold was up slightly by USD7 yesterday. The price has begun its climb from 1795 early in the Asian session trading underneath the previous uptrend channel(1). It reached the day-high near 1809 at the US session opening with the day ended at 1803. Currently, the price is maintaining its path within the 1790-1815 zone(3). An S-T resistance line(2) has formed in the past 24 hours, the price will reach 1810 or above only if it breaks line(2)



The day-close above 1800 yesterday has neutralized the selling pressure from the day before. The trend on the daily chart is now sideway with the price is trapped by the zone(4). Awaiting for the breakthrough, the 20 days MA(5) is the support.

S-T Resistances:
1810
1805
1800

Market price: 1798

S-T Supports:
1794-5
1790
1787

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٩ يوليو ٢٠٢١

ملاحظة

Gold pulled back from a weekly high once again yesterday. The price has begun its climb early in the Asian session, broke the S-T resistance line(1) around the European session opening, and jumped all the way to the top of the range, 1815. It peaked near 1818 at the US session opening with the day ended at 1802, down by USD 2.

The climb on the 1-hr chart so far has been attracted by the bottom of the previous S-T uptrend channel(3), pulling the horizontal range(2) slightly upward(4). But the overall pattern on the 1-hr chart has yet to change, the price should stay with the zone(2) for now.



The price is still trading within 1790-1815 on the daily chart. However, after the pulled back(6) yesterday, the chart is once again showing a strong sign of selling pressure above 1805. The price movements of the past few days are quite similar to those 2 weeks back(7). Need to pay special attention to some sudden downfall. Resistance line(?) maybe the key for the next upside move.

S-T Resistances:
1815
1810
1805

Market price: 1801

S-T Supports:
1800
1794-5
1790

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